SmartKem, Inc 8-K, filed Sep 8, 2023
SmartKem, Inc. (SMTK)
About this 8-K
SmartKem, Inc filed this 8-K on September 8, 2023, reporting on events of September 6, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 6, 2023, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of SmartKem, Inc. (the “Company”), approved one-time bonuses (the “Bonuses”) to Ian Jenks, the Company’s Chief Executive Officer and Chairman, and Barbra C. Keck, the Company’s Chief Financial Officer, in amounts equal to $100,000 and $75,000, respectively, in light of their significant contributions to the success of the Company’s recent private placement. Fifty percent of the Bonuses were paid upon approval by the Compensation Committee, and the remaining 50% will be paid upon the listing of the shares of the Company’s common stock on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange.
In addition, on September 6, 2023, the Compensation Committee approved an increase to Mr. Jenks’ annual base salary to $400,000 from $300,000, effective September 1, 2023, and increased Mr. Jenks’ annual target bonus percentage to 50% of his base salary from 30% of his base salary.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SMARTKEM, INC. | ||
| Dated: September 8, 2023 | By: | /s/ Barbra C. Keck |
| Barbra C. Keck | ||
| Chief Financial Officer | ||